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Market Update

Valeant Lift Allergan Offer and Sell its Skin Care Rights to Nestle


Author: Mukesh Buch
ticker.com
Last Update: 12:07 PM ET May 28 2014

12:05 PM New York DSW plunged on weak quarterly results. Toll Brothers quarterly net surged nearly three-fold. Valeant lifted takeover offer for Allergan and sold its skin care products right to Nestle for $1.4 billion in cash. Workday net loss widened.

Bank of Montreal (BMO) gained 39 cents to $70.84 after the financial services provider reported said revenue in the second-quarter ending in April increased 2.6% to $4 billion.

Net income in the quarter climbed 14.3% to $1.1 billion or $1.60 a diluted share compared to $962 million or $1.40.

Cracker Barrel Old Country Store, Inc. (CBRL) rose 35 cents to $100.87 after the restaurants operator reported total revenue in the second-quarter ending on May 2 rose 0.5% to $643.3 million. Comparable restaurant sales in the quarter fell 0.6%.

Net income in the quarter climbed 16.7% to $28.7 million or $1.20 a diluted share compared to $24.6 million or $1.02.

DSW Inc (DSW) tumbled 26.1% or $8.48 to $24.05 after the footwear and accessory retailer said sales in the first-quarter ending on May 4 slid 0.4% to $599 million. Comparable sales in the quarter dropped 3.7%

Net income in the quarter jumped 11.9% to $38.6 million or 42 cents a diluted share compared to $34.5 million or 38 cents.

RBC Bearings Incorporated (ROLL) slipped 1.5% or 94 cents to $59.56 after the ball bearing maker stated net sales in the fourth-quarter ending on March 29 jumped 10.5% to $113.8 million.

Net income in the quarter climbed 71.7% $18.2 million or 78 cents a diluted share compared to $10.6 million or 46 cents.

Toll Brothers Inc (TOL) gained 1.3% or 47 cents to $36.11 after the home builder stated total revenue in the second-quarter ending in April climbed 59.9% to $1.50 billion.

Net income in the quarter surged 280.7% to $110.8 million or 60 cents a diluted share compared to $29.1 million or 17 cents.

Valeant Pharmaceuticals Intl Inc (VRX) dropped 3.8% or $4.94 to $125.01 after the Canada-based pharmaceutical company sold its rights of certain skin care products to Switzerland-based food and beverage maker Nestle SA for $1.4 billion in cash.

In addition, the company revised its cash consideration of $10 per share to $58.30 approximately increase of 21% to its April 22 proposal to merge with Allergan, Inc.

Workday Inc (WDAY) rose 13 cents to $82.26 after the cloud-based applications developer reported total revenue in the first-quarter ending in April surged 74% to $159.7 million.

Net loss in the quarter widened to $59.4 million or 32 cents a diluted share compared to $33 million or 20 cents.

The Wet Seal, Inc (WTSL) plunged 14.8% or 1.5 cents to 85.5 cents after the specialty retailer said net sales in the first-quarter ending on May 3 declined 16.9% to $116.7 million. Comparable sales in the quarter plummeted 16.9%.

Net in the quarter swung to a loss $21.8 million or 26 cents a diluted share compared to profit of $3.1 million or 3 cents.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc